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Regarding the legitimacy of Kwakol Markets forex brokers, it provides a comprehensive investigation into the security aspects of regulatory and WikiBit, as well as whether there are any negative scam reviews.

Rating Index

WikiFX Detection

Business

Influence C

License

ASIC Revoked

Is Kwakol Markets safe?

The regulatory license is the strongest proof.

AR

ASIC Appointed Representative(AR)

Australia Securities & Investment Commission

Australia Securities & Investment Commission

Regulatory Agencies Introduction
  • Current Status:

    Revoked
  • License Type:

    Appointed Representative(AR)
Licensor:
HLK GROUP PTY LTD
Australia ASIC STP
  • Licensed Institution:

    KWAKOL MARKETS PTY LIMITED KWAKOL MARKETS PTY LIMITED
  • Effective Date:

    2022-01-25
  • Email Address of Licensed Institution:

    jason@hlkgroup.com.au
  • Sharing Status:

    No Sharing
  • Website of Licensed Institution:

    --
  • Expiration Time:

    2024-01-19
  • Address of Licensed Institution:

    220 350 Victoria St Richmond VIC 3121
  • Phone Number of Licensed Institution:

    1300 669 605
  • Licensed Institution Certified Documents:

11 name

  

Is Kwakol Markets A Scam?

  

Introduction

  Kwakol Markets is a multi-asset brokerage firm that has gained attention in the forex market, particularly among traders in Nigeria and other regions. Established in 2020, the broker positions itself as a provider of diverse trading opportunities, including forex, CFDs, cryptocurrencies, and commodities. However, the rapid growth of online trading has led to an influx of brokers, making it essential for traders to conduct thorough evaluations before committing their funds. This article aims to assess the legitimacy of Kwakol Markets by examining its regulatory status, company background, trading conditions, customer fund security, and user experiences. Our evaluation is based on a comprehensive review of available information, including regulatory documentation, customer feedback, and industry standards.

  

Regulation and Legitimacy

  The regulatory environment in which a broker operates is crucial for ensuring the safety of traders' funds and maintaining market integrity. Kwakol Markets claims to be regulated by several authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, the credibility of these claims warrants scrutiny.

Regulatory Authority License Number Regulatory Region Verification Status
ASIC 001295040 Australia Verified
FINTRAC M22600427 Canada Verified
NFA Not Registered USA Not Verified

  While Kwakol Markets is registered with ASIC and FINTRAC, it is essential to note that the National Futures Association (NFA) in the USA does not recognize Kwakol Markets as a registered entity. This absence of NFA registration raises concerns about the broker's legitimacy in the US market. Furthermore, the lack of a specific investor protection fund associated with these regulators may leave clients vulnerable in case of disputes or financial difficulties. Overall, while the presence of ASIC and FINTRAC licenses adds a layer of credibility, the incomplete regulatory picture necessitates caution from potential investors.

  

Company Background Investigation

  Kwakol Markets is headquartered in Nigeria, with claims of operational offices in the USA, Canada, and Australia. The company was founded by Yakubu Ishaku Teri, although detailed information about the management team remains scarce. The broker's website offers limited transparency regarding its ownership structure and operational history.

  In the financial industry, a transparent company history is crucial for building trust with clients. Unfortunately, the lack of detailed disclosures about the management team and their professional backgrounds raises red flags. The absence of a robust corporate governance framework can lead to potential mismanagement or unethical practices. Furthermore, the company's relatively short operational history since 2020 may not provide sufficient evidence of its reliability or commitment to regulatory compliance.

  

Trading Conditions Analysis

  Kwakol Markets offers a variety of trading accounts, each with different minimum deposit requirements and trading conditions. The broker's fee structure includes spreads, commissions, and overnight financing charges, which can significantly impact a trader's profitability.

Fee Type Kwakol Markets Industry Average
Major Currency Pair Spread 0.8 pips 0.5 - 1.0 pips
Commission Model $2 - $5 per lot $0 - $3 per lot
Overnight Interest Range Varies Varies

  The spreads offered by Kwakol Markets are competitive, especially for higher-tier accounts, which can offer spreads as low as 0.0 pips. However, the commission structure for various account types is higher than some industry standards, which could deter cost-sensitive traders. Additionally, the broker's policy of charging overnight financing fees on most accounts, except for Islamic accounts, may further complicate trading strategies for those who hold positions overnight.

  Overall, while Kwakol Markets presents attractive trading conditions, the higher-than-average commissions and potential hidden fees could pose challenges for traders seeking cost-effective solutions.

  

Customer Fund Security

  The security of customer funds is paramount when choosing a broker. Kwakol Markets claims to prioritize client safety by holding funds in segregated accounts with top-tier banks and offering negative balance protection. However, the effectiveness of these measures remains uncertain.

  Kwakol Markets does not provide specific details about its fund segregation policies or the banks it partners with, which complicates the assessment of its security measures. Furthermore, the lack of an investor compensation scheme could leave clients vulnerable in the event of insolvency or financial mismanagement. Although the broker asserts that it conducts regular risk assessments, the absence of transparency regarding its risk management framework raises concerns about the adequacy of its protective measures.

  

Customer Experience and Complaints

  Customer feedback is a vital indicator of a broker's reliability and service quality. Reviews of Kwakol Markets reveal a mixed bag of experiences, with some traders praising the platform's features and others expressing frustration over withdrawal issues and poor customer support.

Complaint Type Severity Level Company Response
Withdrawal Delays High Slow response
Poor Customer Support Medium Unhelpful
Account Freezing High No clear explanation

  Common complaints include delayed withdrawals, unresponsive customer support, and account freezing without prior notice. For instance, several users reported being unable to access their funds after making withdrawal requests, leading to significant financial distress. The slow response times from customer support further exacerbate these issues, leaving traders feeling neglected and frustrated.

  

Platform and Trade Execution

  Kwakol Markets offers access to popular trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are known for their user-friendly interfaces and robust features. However, the performance and reliability of these platforms are critical for ensuring a positive trading experience.

  Traders have reported mixed experiences regarding order execution quality, with some noting instances of slippage and re-quotes during volatile market conditions. While the broker claims to provide ultra-fast execution speeds, the reality may differ for some users, particularly those trading during peak market hours.

  

Risk Assessment

  Engaging with Kwakol Markets entails several risks that traders should be aware of.

Risk Category Risk Level (Low/Medium/High) Brief Explanation
Regulatory Risk High Unverified claims of NFA registration.
Fund Security Risk Medium Lack of transparency in fund management.
Customer Service Risk High Frequent complaints regarding withdrawal issues.

  To mitigate these risks, traders are advised to conduct thorough research and consider using only funds they can afford to lose. Additionally, diversifying trading portfolios and maintaining a cautious approach to leverage can help manage potential losses.

  

Conclusion and Recommendations

  In conclusion, while Kwakol Markets presents itself as a legitimate forex broker with regulatory oversight from ASIC and FINTRAC, several factors raise concerns about its credibility. The lack of NFA registration, mixed customer reviews, and issues related to fund security and customer service suggest that traders should exercise caution.

  For those considering trading with Kwakol Markets, it is essential to be aware of the potential risks involved. Traders, particularly novices, may want to explore alternative brokers with stronger regulatory frameworks, such as Pepperstone or IC Markets, which are known for their reliability and robust customer support. Ultimately, thorough research and careful evaluation are paramount in navigating the complexities of the forex market.

Is Kwakol Markets a scam, or is it legit?

The latest exposure and evaluation content of Kwakol Markets brokers.

Increased VOLUME to increase Loss
On 21st May XAUUSD with volume 0.01 bought at 2423.24 and 2430.80. On 17 th June the losses were about 218 dollars.But Mr David Miller of Kwakol market increased VOLUME 10 times to 0.10 .LOSS JUMPED TO MORE THAN 2000 DOLLARS.Harassed to freeze my account if $2000 is not deposited. Refusing to change Volume even after showing screen shot .
Very bad experience with this company
Very bad experience with this company. Trust me all the positive reviews here are fake. I have the my original my own deposit balance of 650 USD in my mt4 account. I have not traded in my account. I requested for the withdrawal of 100 USD. Which their account manager Silva released after so many emails. After this horrible experience i want to withdraw my other 550 USD. Its been more than a week. Neither the customer support reply to my email nor the account manager. I have tried on their phone numbers as well. But they are not responding. My amount supposed to be come in my wallet by Monday . But now it’s Thursday 02 November 2023. At least they should reply or update me about my withdrawal. Scammers
Help me with Justice: $250 to $20452 deposit scam, mis lead and mis guidance, fake promises
I got some AD on Robotic trading and clicked on link, immediately got call from Kwakol (phillip.williams@kwakolmarkets.com) and person asked me to invest refundable deposit of $250 where robot will do its job of trading will have every day profit as they scheduled and programmed. I was also assigned Finance advisor called Alexandar who said will teach me trading. Few trades they did where my account showed profit of $50+ profit and later there were some trades that were going negative, and they were positions were not stopped. I followed up and there was no response. I left for month due to my exams this happened DEC2022 month. Later person named Mathew called me on Jan 26th 2023 (Mathew.Jefferson@kwakolmarkets.com). He introduced himself well and said he is 10-15 yrs experienced in this field and can teach me trading and I will also earn profit and will withdraw twice a month etc. He also told he has never traded with $250 and would need more than $1K in my account. He convinced me to put $1750 where he said will add some bonus that I can use for trading. First thing he asked me to trade was WTI, most volatile and risky instrument. I was completely newbie and it was my first time in trading. He showed me Inventory report and asked me to trade accordingly. Few trades worked and few did not. I also made some test withdrawal of $300+$100.Later all my trades started going in negative. He asked me to open WTI trades with volume 100 max, told not to be afraid and keep opening the trade till my margin is 200%. I just followed and later when trades went opposite direction margin started going down and some I closed loss trades against profits. I approached Mr.Mathew for help and he advised me not to close with losses instead to deposit more. In order to save $1750, I deposited $2250 and till e assured he will work and save my account. Did not turn up after several emails. He replied saying he is busy with his new position would assign someone to help me and never did. I have his email where he clearly says he has been ignoring his clients due to his new role and responsibility else my account could have been recovered with minimal help. After point he stopped replying and I again got margin call :-( I can't explain the stress I went through, and I have 3 yrs old kid to look after. By then I had deposited $10,028 to recover my capital :-(. Trust me I did not have any withdrawal apart from the test withdrawal of $300+$100=$400.   Later person called Robert pitched in "robert.brent@kwakolmarkets.com" said he is recovery manager for Kwakol and they are only 4 people in entire company and will help me recover my account as it was in RED Alert. He spoke for more than 2hrs and end of conversation same thing, asked me to deposit more to recover :-(. He suggested 3K deposit I did not have and he put some $500 as bonus and kept insisting me to deposit. He took one week showing his expertise, skills, placed some trades and showed me how profit can be made. He said Mr.Mathew was sales agent whose job is to get more deposits from client while Mr.Robert is permanent employee and very senior person. He assured these things will not happen and I will recover my account if I listen to him. It was so stressful, and I did not want to loose $10,028 so I had to deposit $3K(First I did 1K and after seeing he has tine for my account, I did 2K) to save my account. Started doing small trades where my margin moved to 400%. Equity started showing 40 to 50% recovery. Robert kept believing only one thing that is US Recession is coming and Gold will move up and Nasdaq will drop down. He showed some web links which did not clearly say though. Also he said never trade on WTI and half hedged WTI positions (Bought when it was 80+) and told not to trade on WTI as its volatile. Did not allow me to close BUY positions even though WTI was moving down. All he said was we will make good profit and then close the trades with losses :-(  Slowly he started saying as am recovering my account I will be handed over back to someone and he is afraid I will get back to same situation. For that I told I will close my account once I recover my capital, I am not even looking for single dollar profit. I said I will come back only when I learn.  He said, "He does not want to lose such potential client like me and showed how much Gold can make for me and I will be out of this mess in month if I listen to him". His proposal was to put 5K more when I had already put 15K+.He said I will be assigned to someone else as he handles people only with 50K+ deposits as he being senior account manager and told I would continue with his account ship if my total deposit is 10K under him.He kept calling me, following up. I denied over call, over emails and stopped picking few times, gave some excuses too. Finally, one fine day he gave written confirmation that by June 10th I will withdraw 10K amount and my equity will be 30K. He also ensured over call I will not have single trade in Loss (Kwakol has recorded calls they can always review). He also gave me confirmation that apart from 10K I will withdraw twice month, I will be completely out of this mess. I had second baby plan hence me and my husband took call to get over this mess as Robert seemed genuine, God believing person, told he would swear on his daughter etc. He also advised to use credit card or do loan as its matter of just one month. So I went extreme closing my bank account, one of fixed deposit, borrowed from my mom and my husband made some personal loan as well. We accumulated and did multiple deposits. USD to my country currency is 82.X hence its huge huge amount I risked. I still remember Robert was awake around 2.30am of his time until I made my last deposit :-( ($20452 is the total deposit I made till now apart from my initial $250 refundable deposit)This dedication was never there after I deposited. He asked me to open Gold BUY position when it was already at its resistance. He kept saying its recession time, keep buying on dips (I have emails). Asked me to SELL Nasdaq as recession would make companies fall, kept saying its similar to 2008 recession etc :-(. He also said he has witnessed 2008 recession and spoke for hours until I am convinced. Gave me Google hang out Chat and asked me to keep updating my account with screen shot, assured me he is closely watching my account, asked me not to hedge, not to take any position in opposite direction, not to close any position. I did everything he said. One fine day I got margin call again where new person called and told in absence of Mr.Robert he is handling, asked me for one more deposit. I broke down emotionally and wrote back to Robert. Next day Mr.Robert called me saying saying he was unwell,so it was temporary person who called and would not happen again as he is one of the Boss and nothing will happen to my account. The person who told not to hedge and not to take any trades in opposite direction he himself asked me to open hedge position to save my account, it was already June 10th, promised day where I was supposed to recover my account :-(. He asked me again 3k I started crying, so he said he will put from his bonus and made me feel guilty and he put some 3K+1K bonus opened some trades on hedge. Told he is monitoring again. Now I see all my trades closed, my all capital is GONE :-( He was not even aware that my account is washed out, said sorry and told me to come back fresh. There is interest rates coming in US and he will open trades on GOLD sell asking me to deposit again :-( I have put everything I had listening to these people advise who claim to be professionals, god believers, competent and gave me written assurance. Please help me to get my deposit as its not my fault. I have put everything I had where I can survive($20.452k capital) more than 7yrs in my country without earning anything. Please help me to fight against the fraud.   I got my case reviewed from expert traders and academy they said its a trend and totally scam. They said any professional or real finance broker will never advise first trade on WTI, will never buy when instrument is already priced, will never do biased trading (Believing on recession etc). He asked me to keep selling Silver as GOLD was going down, but Gold and Silver dont necessarily move in same direction. 
unable to withdraw
I have also complained about that but till now there is no solution. I sent withdrawal request only on 28/06/2023 from market app but still not paid. Please help me.
Kwakol Markets's latest industry rating score is 1.46, the higher the score the safer it is out of 10, the more regulatory licenses the more legitimate it is. Kwakol Markets If the score is too low, there is a risk of being scammed, please pay attention to the choice to avoid.